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1
Weir, Charles Moncur. "Mergers and merger policy 1974-84." Thesis, University of Aberdeen, 1990. http://digitool.abdn.ac.uk/R?func=search-advanced-go&find_code1=WSN&request1=AAIU027388.
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This thesis analyses the Monopolies and Mergers Commission's investigations of referred bids over the period 1974-84. The purposes of undertaking this study were as follows. First, to discuss the practice of merger policy and the framework within which it has been set. Second, to compare this with the theoretical and empirical debates which have been developing in relation to mergers and merger policy. Third, to analyse the extent to which a predictive model could be constructed so that significant elements of the public interest may be identified. It was shown that it is official policy to give mergers, in general, the benefit of the doubt. This is inspite of the fact that most of the evidence involving merger activity has tended to be critical of their impact. In addition, it also appears that market discipline does not drive merger activity. In terms of interpreting the Monopolies and Mergers Commission's reports, probit analysis was unable to identify elements of the public interest which appeared to be consistently important to the Commission. In addition, univariate and multivariate analysis showed that it was virtually impossible to distinguish between raiders and targets. Thus, as it stands, merger policy does not provide meaningful, or clear, signals to either potential raiders or targets. Current policy deems that, under certain circumstances, mergers are undesirable. The problem is that the circumstances are unknown. Thus published guidelines are essential given the need for a merger policy. Further, we conclude that a stronger policy is necessary. In particular it should be incumbent upon firms to show expected benefits rather than a lack of detriments.
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Razo, Pérez Carlos. "Mergers, collusion and congestion : essays on merger policy /." Stockholm : Department of Economics, Stockholm University, 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-319.
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Goh, L. "Mergers, executive compensation, and post-merger performance of acquiring firms." Thesis, University of Cambridge, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.599461.
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This thesis examines the relationships between takeovers, executive compensation, and post-merger performance of acquiring firms using a sample of UK firms making acquisitions in the 1999-2000 period. While literature exists covering these research areas individually, there has been little research on the takeover-compensation relationship. Existing research on compensation finds a strong positive relationship between firm size and executive compensation, while much of the empirical literature on takeovers finds a non-positive change in performance of acquiring firms following takeover. The existence of these two relationships supports the conjecture that executives will have an increase in compensation following takeover due to increased firm size, while shareholders are likely to lose. Empirically, this thesis examines the elasticity of pay to firm size and performance variables surrounding takeover. It finds that on average, firm size is a key determinant of compensation, and that in takeover years, there is no extra bonus or under-compensation that is not already accounted for by size or performance variables. This suggests that the executive is compensated at the same elasticity in merger years, i.e. for the increased firm size. When changes in the value of the executive’s shareholdings in the firm are included in his monetary interest, there is evidence of an alignment of interests with the shareholder, but of a low magnitude. The thesis also examines the actual post-merger performance of the same sample of firms, principally finding a non-positive return, but different performance depending on the characteristics of the acquiring firm and the takeover. It finds that market performance is better in firms where executive shareholding is high relative to compensation, firms that pay with cast, those making relatively small takeovers, and firms with a low market-to-book value. Performance is worse among firms with low ownership, those paying in some part with shares, and those with high market-to-book value. This adds to existing research and provides evidence in a more recent context, and shows that the decline is present for the same sample in which pay is elastic to firm size, which grows via takeover. Finally, these relationships between executive compensation, takeover, and post-merger firm performance are examined using firm-specific examples, primarily using cases drawn from the sample of firms. The results from this thesis show that executives may have an incentive to carry out takeovers, because their compensation is likely to increase, proposing compensation as a driver for takeover. In addition, confirming the decline in firm performance following takeover, it suggests that these decisions are made at the expense of shareholders, while executives gain.
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Kirsch, Anja. "Union Mergers as a Revitalization Strategy and the Role of Post-merger Integration." Thesis, The University of Sydney, 2008. http://hdl.handle.net/2123/10131.
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Two observations form the starting point of this thesis. The first observation is that in many developed market economies, unions’ response to membership decline and to decreasing economic and political influence is to merge. Union merger strategies are often embraced with the expectation that they will result in “revitalization”: more members, and greater economic and political influence. In practice, however, union mergers rarely result in revitalization. This thesis explores why many unions adopt a merger strategy when there is no clear evidence to suggest that mergers can deliver revitalizing results by examining whether and how union mergers can contribute to revitalization. To this end, a framework for analysing merger outcomes is developed. The framework consists of five dimensions. In the membership dimension, it examines post-merger developments in membership. In the economic dimension, it assesses a merged union’s bargaining power. In the political dimension, it focuses on post-merger political influence. In the institutional vitality dimension, it examines recruitment and retention, as well as gender equity in a merged union. In a fifth dimension, it assesses three prerequisites for revitalization: the reduction of inter-union competition, the achievement of synergies, and improvements in the provision of services to members. This framework is applied in a case study of the German service sector union Vereinte Dienstleistungs¬gewerkschaft (ver.di). Ver.di was established through a merger of five unions in 2001. It is one of the largest unions in the world and represents workers in more than 1,000 occupations in the public and private services sector. By analysing ver.di’s merger outcomes, the study reveals that in ver.di’s case, revitalization was not achieved along any of the five dimensions. In some instances, the opposite of the desired effect occurred, and in others, the results were mixed. Ov erall, the ver.di merger cannot be considered a successful r! evitaliz ation strategy. A second observation made at the outset of this research is that similarly to union mergers, mergers among business organizations are often undertaken as a strategy for “corporate renewal”. Moreover, corporate mergers also frequently fail to create value for the firms involved. However, in the literature on corporate mergers, it is recognized that merger failure is often caused by shortcomings in the management of the post-merger integration process. This thesis explores the post-merger integration process in unions by examining what role post-merger integration plays in determining whether a union merger leads to revitalization. A framework for analysing both the structural and cultural integration of merging unions is developed. The structural aspects it examines are which structures are put into place at the time of a merger, how those structures are found to hamper the achievement of merger goals, and how a union leadership goes about r emoving structural impediments to integration. The cultural aspects it examines are the development of a new organizational identity and mission in a merged union, the development of a common collective bargaining strategy and the coordination of bargaining across industries, and the emergence of a culture that promotes innovation. The framework is applied to the case study union ver.di. It is found that ver.di’s structural and cultural integration processes were not completed seven years after the merger. In addition, the union leadership was highly constrained in its management of post-merger integration. Together, these findings build our understanding of union mergers as a revitalization strategy and the role of post-merger integration. When unions formulate a merger strategy for revitalization, they need to implement it in a way that ensures its success. External factors, such as employer and state strategies, and economic and political developments, can hav e an impact on the implementation of a merger strategy. Yet ! internal factors, in particular structural and cultural integration in the merged union, are pivotal for is success.
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Frensch, Florian. "The social side of mergers and acquisitions cooperation relationships after mergers and acquisitions /." Wiesbaden : Dt. Univ.-Verl, 2007. http://dx.doi.org/10.1007/978-3-8350-9576-2.
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Li, Lu. "The impact of pre-merger disclosure and acquisition experience on mergers and acquisitions." Thesis, Durham University, 2018. http://etheses.dur.ac.uk/12902/.
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This thesis focuses on the effect of factors in the pre-acquisition planning stage on M&A outcomes. With three empirical chapters, the main findings provide compelling evidence that pre-acquisition factors are related to M&A fundamentals such as the motivation and incentives to carry out M&A transaction, and play significant roles in deal’s negotiation and post-acquisition integration. The first empirical chapter of this thesis investigates whether the voluntary disclosure at pre-acquisition issuance activities, i.e. the intended ‘use of proceeds’, has influence on subsequent M&A outcomes. The results show that firms disclosing acquisition intention at debt/equity issuance significantly raise more funds but fail to allocate capital efficiently on value-increasing M&A transactions. This evidence is consistent with the capital need theory. The second empirical chapter examines the wealth effect of mega corporate takeover and explores whether rich acquisition experience facilitate acquirers to generate shareholder value in mega-deals. The findings show that acquirer’s acquisition experience is positively related to mega-deals completion likelihood, stock performance in short- and long-run, and operating performance in the long-run following mega-mergers. The evidence indicates that acquirers are able to learn though experience and develop skills to deal with the complexity of mega-mergers. The final empirical chapter provides evidence on the relationship between target CEOs’ acquisition experience and takeover gains for target shareholders. The results show that target shareholders are likely to receive lower bid premiums and earn lower abnormal stock returns around deal announcement when they have a CEO with more acquisition experience. Additionally, target CEOs’ acquisition experience is positively related to stock payment. Our evidence suggests that more experienced target CEOs tend to bargain for more personal benefits related to the voting influence in the combined firm instead of helping their shareholders to gain bargaining advantage in the negotiation.
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Dibotelo, Gorata Tlhale. "Merger regulation in Botswana: does the Competition Act 2009 adequately provide for mergers?" Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/4597.
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Abdi, Mohamed Aukar, and Song Pantaléon. "The Process of Post-Merger Organizational Identification : An analysis of mergers and acquisitions." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160655.
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Today, mergers and acquisitions often grab headlines due to the large sums of money involved, and the number of stakeholders affected by it. Still, the increase in merger and acquisition activities, the capital involved, and the pervasiveness of these activities stand in sharp contrast to their high rates of failures. Scholars have attributed the failure of mergers and acquisitions to management failure when it comes to dealing with human aspects during the integration phase. The purpose of this paper was to examine how individual’s identities change overtime in a merger. More specifically, it examines the process of post-merger organizational identification in merger contexts through the lens of social identity theory. From this purpose, we formulated the following research question and two sub-questions: • How can post-merger identification be managed and integrated in an organization? o How can organizational identities transit from a pre-merger state to a post-merger state successfully? o What is the outcome of the post-merger identification process? The method used in this study was qualitative with an interpretive approach, which allowed us to gain a deeper understanding regarding the purpose and to answer our research question. Primary data came from purposive sampling, where 14 semi-structured interviews with individuals with various managerial positions in post-merger integrations were conducted to gain an understanding of how they tackled the integration process. The secondary data used resulted from previous research, literature, articles and other internet sources. The interviews were qualitatively analyzed through a thematic coding procedure. The backbone of our theory consists of perspectives on mergers and acquisitions from the lens of social identity theory. Particularly, it was used to understand the post-merger organizational identification process. The theoretical components were used to understand group formations and intra- and intergroup relationships, the effects mergers have on individuals, and what the effects of the outcomes of post-merger identification have on group and organizational identity. Our findings disclose that organizational identities are exclusive by nature and that they remain in this state unless managerial actions are taken which triggers commitment from groups to change. These actions must combine communication efforts with managerial interventions which promote intergroup cooperation, prototypical norms and values. Depending on the actions and the goal of the merger, the nature of the post-merger identity is a combination of two identities which forms an overarching one, or an assimilation of one identity into another. The contributions from this study come in two forms: theoretical and managerial. The theoretical contributions come through our findings showing how organizational identity emerge, change and how they are formed. The managerial contributions provide recommendations on how practitioners should facilitate the process, the vital role the manager has in the process and approaches they could take based on our findings.
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Langer, Bruno. "Früherfassung der Unternehmenskultur als Risikofaktor bei Mergers & Acquisitions : eine methodisch-kritische Pre-Merger-Analyse /." Hamburg : Kovač, 1999. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=008693913&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Zhou, Lili. "Internationalize Mergers and Acquisitions." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-38643.
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As globalization processes, an increasing number of companies use mergers and acquisitions as a tool to achieve company growth in the international business world. The purpose of this thesis is to investigate the process of an international M&A and analyze the factors leading to success. The research started with reviewing different academic theory. The important aspects in both pre-M&A phase and post-M&A phase have been studied in depth. Because of the complexity in international M&A, a qualitative method has been used in the research. The empirical findings of the case study have mainly been collected from.semi-structured interviews. The investigation shows that an international M&A is a tried-and-tested process from initial identification to integration. The process can be summarized into five steps: identification, evaluation, negotiation, implementation and integration. The important factors contributing to the success of international M&As are found to be corporate selection capability, cultural differences, human resources and communication.
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D'Angelo, John. "Predicting mergers and acquisitions." Honors in the Major Thesis, University of Central Florida, 2012. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/537.
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Being able to predict a merger or acquisition before it takes place could lead to an investor earning a premium, if they owned shares of the targeted firm before the merger or acquisition attempt is announced. On average acquiring firms pay a premium when acquiring or merging with a targeted firm. This study uses publicly available financial information for 7,267 attempted takeover targets and 52,343 non-targeted firms for the period January 3, 2000 through December 31, 2007 to estimate (using logit) predictive models. Financial ratios are constructed based on six hypotheses found in the literature. Although statistical evidence supports a few of the hypotheses, the low predictive power of the models does not indicate the ability to accurately predict targeted firms ahead of time, let alone with any economic significance.B.S.B.A.
Bachelors
Business Administration
Finance
32 p.
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VANAZZI, AUGUSTO SANDINO TONELLO. "MERGERS AND BANK’S PROFITABILITY." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2010. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=16650@1.
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A literatura que estuda o efeito de fusões sobre rentabilidade do setor
bancário chegou a resultados controversos, variando em direção e em magnitude.
Este trabalho introduz duas novas metodologias, Propensity Score Matching e
Differences-in-Differences, para estimar o efeito de fusões sobre a rentabilidade
no setor bancário norte-americano e para estabelecer os links entre esses fatos. Os
resultados indicam que as fusões geram pequeno efeito sobre a rentabilidade dos
bancos, mas tal efeito é maior quando as operações envolvem bancos que atuam
num mesmo mercado. Além disso, os resultados sugerem que as fusões aumentam
a produtividade do trabalho, os ativos, a alavancagem, a concentração de mercado
e os impostos sobre os lucros, mas reduzem os custos operacionais e o número de
empregados.The literature has found causal effects of merger on profitability with distinct signs and magnitudes. This paper uses new approaches, the Propensity Score Matching and Differences-in-Differences, to estimate the causal effect of mergers on US bank`s profitability and to identify the links between them. The results point out that mergers has little effect on bank`s profitability, but this effect is bigger when operations involve banks in the same market. Moreover, mergers increase labor productivity, assets, leverage, market concentration and income taxes and decrease operational costs and the number of employees.
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Peng, Ni. "Market power and mergers." Thesis, University of Manchester, 2015. https://www.research.manchester.ac.uk/portal/en/theses/market-power-and-mergers(50b08a07-76d5-41d3-821a-7fb33c71bebc).html.
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This thesis presents three essays on the motives for mergers and the determinants of U.S. horizontal merger antitrust case selection. These essays contribute to the debate on whether mergers increase social welfare and on the efficiency of antitrust intervention. The first essay explores the market power motive for horizontal mergers by examining the relation between the announcement wealth effects to merging firms and their reliant corporate customers. Large sample studies generally conclude that efficiency considerations drive horizontal mergers and find little market power, which implies a non-negative wealth effect relation between these two parties along the supply chain. When I examine the endogenous stock market reactions to merger announcements with instrumentation, however, my results overturn this inference: I find that greater abnormal returns to merging firms systematically relate to lower abnormal returns to reliant customers. This wealth transfer effect exists for deals in industries with little foreign competition but not for deals in industries with intense foreign competition. These results suggest that increased market power is a key driver of horizontal mergers. In the second essay, I investigate the determinants of U.S. antitrust invention by examining horizontal merger antitrust case selection in the U.S. manufacturing sector during 1980-2009. I find no evidence supporting the consumer protection claim of the government's antitrust agencies. Instead, I find that the likelihood of antitrust intervention is negatively related to foreign import pressure. Hitting a market concentration hurdle criterion also predicts intervention. In addition, industry rivals seem able to exert pressure for antitrust intervention to avoid a competitive disadvantage. I identify two rival groups that account for the demand for antitrust regulation, local rivals and rivals producing less specialised products. The third essay examines the motives for related mergers from the perspective of product market similarity. Using Hoberg and Phillips' (2014) text-based product similarity measure, I find that when an acquirer's product is more similar to those of its rivals, a related merger results in a greater post-merger product price and lower market share for the combined firm. Moreover, for related mergers in more homogenous product markets, the stock market reactions to the merger announcement are higher for the combined firm and for product market rivals, but lower for reliant corporate customers. Overall, the evidence on both product market real performance and stock market reactions is consistent with the wealth transfer effect of related mergers, and suggests that the primary motive for firms to merge with product market competitors is to gain market power rather than to achieve efficiencies.
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Garcia, Carolina Policarpo. "Essays on conglomerate mergers." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/24070.
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This thesis takes advantage of a wave of mergers and acquisitions in the Brazilian higher education industry to provide evidence on the potential effects of conglomerate mergers, particularly market extension mergers. The first chapter is devoted to assess the effects of such mergers on tuition fees, enrollment rate and quality indicators. The richness of the dataset allows to disentangle the effects of conglomerate mergers and horizontal mergers, showing that both types of mergers impact acquired institutions, but in different ways. The second chapter evaluates the effects of the ownership changes on the labor market of professors, focusing on wages, total number of faculty, workload and the likelihood of contract termination after the acquisition. The last chapter analyzes the determinants of choice in higher education, focusing on estimating to which extent educational groups and brand names influence the choice of potential students. Results show that conglomerate mergers raise efficiency on acquired units and the gains may be partially shared with students, in the form of an increased number of freshmen, and professors, by means of higher wages. These efficiences may come through higher student-faculty ratios, standardized courseware between the units of the group, extensive use of online content in substitution to in-class activities and the centralization of the management and financial activities in a shared services center. Educational groups attract a great number of potential students and have an important role in increasing access to higher education. The ability to recruit potential students may come from international network benefits, attractive prices, funding availability, better quality indexes and brand awareness. Importantly, each educational group has its own strategy when combining these elements and not all of them must be present. The results also highlight the role of government and regulatory constraints in the sector. The first and most obvious consequence is the high number of mergers and acquisitions that took place to avoid the requirements to entry organically in local markets. Second, the availability of public student loans greatly determines the access to higher education. Third, as the students' willingness to pay for higher quality programs is low, the educational groups closely follow the minimum requirements for the quality indexes.
Esta tese explora uma onda de fusões e aquisições no setor de ensino superior brasileiro para fornecer evidências sobre os efeitos potenciais de fusões de conglomerados, particularmente fusões de extensão de mercado. O primeiro capítulo é dedicado a avaliar os efeitos de tais fusões sobre as mensalidades, número de ingressantes e indicadores de qualidade. A riqueza dos dados permite separar os efeitos de fusões conglomeradas e fusões horizontais, mostrando que os dois tipos de fusões afetam as instituições adquiridas de maneiras diferentes. O segundo capítulo avalia os efeitos das mudanças de propriedade no mercado de trabalho dos professores, com foco nos efeitos sobre salários, número total de docentes, carga de trabalho e probabilidade de rescisão contratual. O último capítulo analisa os determinantes da escolha no ensino superior, estimando em que medida os grupos educacionais e suas marcas influenciam a escolha de potenciais alunos. Os resultados mostram que fusões de conglomerados aumentam a eficiência das unidades adquiridas e os ganhos ser parcialmente compartilhados com os estudantes, na forma de um número maior de ingressantes, e professores, por meio de salários mais altos. Essas eficiências podem ser obtidas por meio de um maior número de alunos por professor, material didático padronizado entre as unidades do grupo educacional, uso extensivo de conteúdo on-line em substituição a atividades em sala de aula e centralização das atividades administrativas e financeiras em um centro de serviços compartilhados. Grupos educacionais atraem um grande número de estudantes e têm papel importante no aumento do acesso ao ensino superior. A capacidade de recrutar potenciais alunos pode vir dos benefícios provenientes da rede internacional, preços atrativos, disponibilidade de financiamento, melhores índices de qualidade e reconhecimento da marca. Cada grupo educacional tem sua própria estratégia ao combinar esses elementos e nem todos devem estar presentes. Os resultados destacam o papel da regulação no setor. A primeira e mais óbvia consequência é o elevado número de fusões e aquisições que ocorreram para evitar as barreiras regulatórias à entrada orgânica nos mercados locais. Em segundo lugar, a disponibilidade de financiamento estudantil público determina grande parte do acesso ao ensino superior. Terceiro, como a disposição à pagar por programas de maior qualidade é baixa, os grupos educacionais seguem de perto os requisitos mínimos exigidos para os índices de qualidade.
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Lai, Shaojie. "Two Essays on Mergers and Acquisitions." Kent State University / OhioLINK, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=kent1522771083410377.
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Novogradac, Charles. "An Evaluation of a Simple Merger Arbitrage Strategy in Middle-Market Mergers and Acquisitions." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2068.
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I investigate a simple merger arbitrage strategy with a focus on middle-market companies. I estimate [-1, 1] buy-and-hold abnormal returns (BHARs) and long-run BHARs of prospective middle-market acquirers after they announce an acquisition and test whether [-1, 1] BHARs are predictive of subsequent long-run holding period returns (HPRs) and long-run BHARs. The [-1, 1] BHARs are calculated for 57 acquiring companies, and then separated into two equal-weight portfolios: one of positive [-1, 1] BHARs (referred to as the long portfolio) and one of negative [-1, 1] BHARs (referred to as the short portfolio). I then calculate the HPR and long-run BHARs over the following time horizons: [2, 22], [2, 43], [2, 64], [2, 127], and [2, 253]. I perform a Student’s t-test comparing the means of the HPRs of the two portfolios and find that the long and short [2, 22] and [2, 64] HPRs have statistically different mean returns. Similarly, I perform a Student’s t-test comparing the means of the BHARs of the two portfolios and find that the difference in the means are not statistically significant. I also regress the different long-run BHARs on [-1, 1] BHARs, adjusted [-1, 1] BHARs, and normalized [-1, 1] BHARs. Adjusted [-1, 1] BHARs are adjusted for the effects of known predictive factors found in prior literature such as the type of payment. For example, if the type of payment is cash, 2.40 percentage points of the [-1, 1] BHAR is attributed to the cash payment. Normalized [-1, 1] BHARs divide each [-1, 1] BHAR by each security return’s standard deviation over the following trading days: [-22, -2]. I find [-1, 1] BHARs and adjusted [-1, 1] BHARs of middle-market lack statistically significant effects on long-run BHARs over the [2, 22], [2, 43], [2, 127], and [2, 253] horizons. [-1, 1] BHARs and adjusted [-1, 1] BHARs of middle-market firms have statistically significant effects on [2, 64] BHARs. Therefore, a possible merger arbitrage strategy may exist for predicting BHARs for the [2, 64] horizon. The strategy consists of an investor going long on all acquirers that have a positive [-1, 1] BHAR and short on all acquirers that have a negative [-1, 1] BHAR over the following trading days: [2, 64]. After the [-1, 1] BHARs are normalized, however, the normalized [-1, 1] BHARs are no longer statistically significant when predicting any long-run BHAR. On the whole, I find the Efficient Market Hypothesis – which states that the market efficiently prices the information released into the market after an acquisition announcement – is correct, at least with respect to the information contained in [-1, 1] BHARs.
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Frensch, Florian. "The social side of mergers and acquisitions cooperation relationships after mergers and acquisitions /." Wiesbaden : Dt. Univ.-Verl, 2006. http://www.myilibrary.com?id=134447.
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Smith, Bevan Stephen. "The determinants of aggregate domestic merger activity for companies listed on the Johannesburg Stock Exchange." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/22834.
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Mergers and acquisitions remain a constant feature of both the local and international markets, but little is definitely know about what determinants of aggregate merger activityThe aim of this research report is to evaluate the dynamic relationship between a selected number of determinants and aggregate merger activity. We limited our selection of determinants to either macroeconomic or market factors, and limited our acquirers listed on the Johannesburg Stock Exchange.We defined aggregate merger activity using three measures, namely, quarterly deal frequency, quarterly deal value and a relative measure, which took the ratio of deal value over the JSE All Share Index. We utilised Gross Domestic Product, the Repurchase Rate, Consumer Price Index (CPI) and Producer Price Index (PPI) as our macroeconomic variables. Our market variables were the JSE All Share Index, the All Bond Index and the USD/ZAR Foreign Exchange Rate. Employing the appropriate data transformations, unit root, regression analysis and cointegration tests we were able to statistically test for the hypothesized relationships.Results indicated that only the Repurchase Rate was applicable in explaining the variation in the deal frequency variable, while none of the chosen determinants were significant in explaining the variation in the deal value and relative deal value measures. Overall, we found in all three cases that the fitted regression model did not explain the variation in our aggregate merger measure well.On a long-term equilibrium basis, we found that the All Bond Index and CPI were cointegrated with the deal frequency measure. The deal value measure had a long-term equilibrium relationship with the JSE All Share Index, while the relative deal value measure had a long term equilibrium relationship with the All Bond Index, CPI and PPIDissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
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Hansen, Victor, and Erik Lindholm-Röjestål. "Evaluating the Viability of Merger Arbitrage in Nordic Equities." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-377978.
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This thesis aims to examine whether a merger arbitrage strategy is able to generate market neutral alpha in the Nordic region. Similar studies of merger arbitrage strategies in both the US and Australian market find market neutral alpha. To investigate the viability of such a strategy, we developed a “Merger arbitrage portfolio” which invests in 55 deals during 2003-2017 in the Nordic equity capital market. Our findings provide strong support that a merger arbitrage strategy is market neutral, even in times of financial turmoil. An excess return is recorded, however, when estimating the portfolio with the Market Model we find no statistically significant alpha. The results are affected by large outliers. We conclude that our version of the merger arbitrage strategy is not an optimal investment in terms of its Sharpe Ratio, compared to an index using a similar strategy and the stock market.
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Lohninger, Heinz [Verfasser]. "MERGERS & ACQUISITIONS (M&A): Kooperationsbereitschaft : Die Bedingungen im Post-Merger-Integrationsprozess / Heinz Lohninger." Hamburg : Diplom.de, 2002. http://d-nb.info/1187478369/34.
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Tran, Anh Luong Fich Eliezer. "Essays in mergers and acquisitions /." Philadelphia, Pa. : Drexel University, 2010. http://hdl.handle.net/1860/3265.
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Riedel, Ann-Kristin, and Edith Teresa Sosa. "Mergers in the Swedish Press." Thesis, Linköping University, Department of Management and Economics, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-1965.
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Background: During the last decades, mergers and acquisitions have filled hundreds of book and newspaper pages. Despite the great number of research works in this field, there is no much agreement about the advantages of this strategy. Some writers point out that newspapers devote more space to mergers that fail. Taking into account the widespread influence of newspapers in modern society, they way in which they picture merger outcomes and their explanations for the success or failure of this strategy should not be disregarded.
Purpose: Our purpose is to describe and analyze how different Swedish newspapers depict the outcomes of mergers.
Procedure: We chose five relatively recent cross-border mergers that involved a Swedish company. We selected several relevant articles from two general newspapers, a business newspaper and a business magazine. Following an inductive approach, we identified the factors used in those articles to depict post merger outcomes and classified them into "hard" and "soft".
Results: We found that newspapers usually evaluate the success or failure of merger taking into account the motives lying behind the merger. Synergy is given the greatest importance among both the hard and soft factors used to depict merger outcomes. Culture and the human side of mergers are soft factors not frequently treated. Indeed, it is evident that newspapers recognizetheir importance for a successful merger. Newspapers give a picture of post merger outcomes that covers both "hard" and "soft" factors while the research works selected have more partial views.
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Ott, Christian. "Mergers & Acquisitions and Intangibles." Doctoral thesis, Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2012. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-95583.
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This dissertation explores the disclosure on intangibles acquired in Mergers & Acquisitos. The related empirical analyses are based on a sample of M&As that are accounted for under the International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US-GAAP). In three different research papers I answer three distinct research questions. In order to enable capital providers and other external stakeholders to evaluate the PPA, the International Financial Reporting Standard 3 (IFRS 3) and the Statement of Financial Accounting Standards 141 (SFAS 141) require the acquirer firm’s management to disclose information about the assets acquired and liabilities assumed in the notes to the financial statement. The first research paper (see chapter II) addresses the following research question:
Which information about intangibles acquired in M&As does the acquirer firm’s management disclose in the notes to the financial statement?
The second research paper examines the factors that affect the initial recognition of goodwill. This research question is answered in the second research paper (see chapter III):
Does the acquirer firm’s management opportunistically or efficiently use its discretion to recognize goodwill initially?
The corporate information environment consists not only of corporate disclosure but also of disclosure by information intermediaries. The third research paper (see chapter IV) addresses this last set of research questions:
Which information about intangibles acquired in M&As is provided in voluntary or mandatory corporate disclosures and in disclosures by information intermediaries? How are the disclosure channels interrelated?
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Adjei, Frederick Amon. "Two essays on reverse mergers /." Full text available from ProQuest UM Digital Dissertations, 2006. http://0-proquest.umi.com.umiss.lib.olemiss.edu/pqdweb?index=0&did=1410676521&SrchMode=2&sid=1&Fmt=2&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1217530784&clientId=22256.
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Ivanova, Natalʹi͡a. "Slow mergers of massive stars." Thesis, University of Oxford, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.249443.
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Kirchmaier, Thomas. "Mergers, demergers and corporate performance." Thesis, London School of Economics and Political Science (University of London), 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.395938.
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Vitkova, Valeriya. "Essays on mergers and acquisitions." Thesis, City, University of London, 2015. http://openaccess.city.ac.uk/19588/.
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This thesis comprises three essays on Mergers and Acquisitions. In the first chapter I use an international sample of M&A deals to test the implications of the clientele theory of dividends in the context of post-acquisition dividend policy. I contribute to the literature by controlling for the effect of the target’s shareholder characteristics and the gap between target and bidder pre-acquisition dividend policies on post-M&A dividend policy. In line with the clientele theory of dividends, this chapter demonstrates that, in all stock payment deals, post-acquisition dividends per share increase with the pre-acquisition percentage difference between target and acquirer DPS and with the size of the dividend clientele from the target company which becomes part of the bidder’s shareholder base. The second chapter tests how informed investors with local expertise can affect cross-border deal success using a comprehensive dataset of corporate acquirers’ share registers. We present evidence which confirms the hypothesis that acquirers in cross-border corporate transactions are more likely to be successful if the acquirer’s investors have a higher level of expertise in the target region, and that this effect is strongest when the maturity for corporate transactions of the target country is low. The third chapter contributes to the literature by investigating the wealth effects of horizontal acquisitions on the upstream and downstream participants in the product-market chain when the target company is in financial distress. This chapter posits that the financial health of the target is particularly relevant when considering the buyer power of the merging firms. Specifically, I hypothesise that industry-related acquisitions are more likely to increase the buyer power of the merging companies when the target is financially distressed due to the debtor-oriented insolvency rules in the US which allow bankrupt companies to renegotiate supplier contracts. The results of the study support this a priori expectation.
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Jiang, Lilian. "Cosmological halo formation and mergers." Thesis, Durham University, 2015. http://etheses.dur.ac.uk/11004/.
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My research has centred around establishing the nature of dark matter haloes by investigating their abundance as a function of halo mass, the formation his- tory of each halo, commonly called the merger tree, and the internal structure of the halo, in terms of their radial density profiles and angular momentum. In the first part of this thesis, I present a new algorithm which groups the subhaloes found in cosmological N-body simulations by structure finders such as subfind into dark matter haloes whose formation histories are strictly hier- archical. One advantage of these ‘Dhaloes’ over the commonly used friends-of- friends (FoF) haloes is that they retain their individual identity in cases when FoF haloes are artificially merged by tenuous bridges of particles or by an over- lap of their outer diffuse haloes. Dhaloes are thus well suited for modelling galaxy formation and their merger trees form the basis of the Durham semi- analytic galaxy formation model, galform. Applying the Dhalo construction to the ΛCDM Millennium-2 simulation we find that approximately 90% of Dhaloes have a one-to-one, bijective match with a corresponding FoF halo. The remaining 10% are typically secondary components of large FoF haloes. Although the mass functions of both types of haloes are similar, the mass of Dhaloes correlates much more tightly with the virial mass, M200, than FoF masses. Approximately 80% of FoF and bijective and non-bijective Dhaloes are relaxed according to standard criteria. For these relaxed haloes all three types have similar concentration– M200 relations and, at fixed mass, the concentration distributions are described accurately by log-normal distributions. In the second part of this thesis, I present distributions of orbital parameters of infalling satellite haloes at the time of crossing the virial radius of their host halo. Detailed investigation of the orbits is crucial as it represents the initial conditions which determine the later evolution of the substructure within the host. I use merger trees in a high resolution cosmological N-body simulation to trace the satellite haloes and measure their orbits when they first infall into the host halo. I find that there is a trend of the orbital parameters with the ratio between the satellite halo mass and the host halo mass at infall. I find that the more massive satellites move along more eccentric orbits with lower specific angular momentum than less massive satellites. I also search for possible correlations between different orbital parameters and provide accurate fitting formulae for the two independent orbital parameters (the total velocity and the radial-to-total velocity ratio). Using combinations of these formulae, we successfully fit all the other orbital parameters.
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Gazzaz, Heba. "Essays on mergers and acquisitions." Thesis, University of Essex, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.654560.
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This thesis contributes to behavioural finance literature of mergers and acquisitions (M&As) by investigating the psychological reference point, misvaluation and post abnormal return approaches using a unique UK dataset. The first substantive paper (chapter 2) examines the impact of past peak prices i.e. 52-week high on UK M&A activity, such as offer price, offer success, market reaction, and merger waves. It applies the methodology of Baker et al. (2012) and proposes a unique interpretation based on the various differences (regulatory framework, environmental factors, and other salient characteristics) between the US and UK markets. The results show that UK bidders are less prone to offering prices anchored to the last 52-week high than US bidders. The second substantive paper (chapter 3) explores new insights on (mis)market valuation. It provides empirical evidence on the relation between target misvalaution levels and some characteristics of UK M&As such as the offer premium, method of payment, market reaction, and offer success. It also combines the methodology of Baker et al. (2012) with that of Rhodes-Kropf et al. (2005). We established that misvaluation play an important role in UK M&A activities. Finally, the third substantive paper (chapter 4) contributes to the literature by providing empirical evidence on the winners' and losers' post-merger performances in a UK contested merger sample. It provides an important robustness test of the Malmendier et al. (2012) matching criterion and lays the foundation for exploring the differences between US and UK M&A markets. Moreover, it adopts the misvaluation disaggregation in Rhodes-Kropf et al. (2005). The results show that there is no significant difference between the winner's and loser's performances in the post-merger period. By tracking the winners' and loser' merger activities two years after completion, we found that both sets 'of firms prevented their stock from declining even more if had they not involved in merger activity.
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Harris, Angel. "The Efficiency of Nonprofit Mergers." Franklin University / OhioLINK, 2020. http://rave.ohiolink.edu/etdc/view?acc_num=frank1612126393243188.
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Clark, Falone. "The fundamentals of statutory mergers." Diss., University of Pretoria, 2019. http://hdl.handle.net/2263/77445.
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Vedele, Sebastiano. "Mergers and Acquisitions - Case Study." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-125146.
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The thesis generally talks about mergers & acquisitions, discussing definitions, differences and reasons behind an M&A. I have analyzed what is a merge and what is an acquisition. Why companies combine themselves through an M&A. What are advantages and disadvantages about an M&A. After that the work is followed by a case study, which focuses on Fiat and Chrysler. With regards to this point, the case touches all the steps of the agreement between the two car automakers providing numbers, percentages and graphs to better explain how the agreement was made. After having spoken about the figures of the deal I have analyzed I went through all the steps of the acquisition showing also tables. I went through all important dates of the acquisition going deeply in the heart of the topic. I also analyzed why Fiat acquired Chrysler and why Chrysler felt down in a bankruptcy. Finally I have studied the today's situation of the two car automakers showing their actual trend on the automotive market.
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Sodeik, Nicole. "Projektmanagement wertorientierter Mergers & Acquisitions." Lohmar Köln Eul, 2008. http://d-nb.info/99498944X/04.
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Sodeik, Nicole. "Projektmanagement wertorientierter Mergers & Acquisitions /." Lohmar [u.a.] : Eul, 2009. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=017688008&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Krolikowski, Marcin. "Essays on Mergers and Acquisitions." Scholar Commons, 2014. https://scholarcommons.usf.edu/etd/5055.
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This dissertation includes two essays that examine mergers and acquisitions. In the first essay we examine how pay-for-performance influences the quality of merger decisions before and after Sarbanes-Oxley (SOX). Pay-for performance has a significant positive effect on acquirer returns of 0.9% pre-SOX and 1.1% post-SOX around the three day event window. Bidders with high pay-for-performance pay a 23.3% lower merger premium in listed target acquisitions. The positive effect of pay-for-performance is more important for public target acquisitions overall, for small acquirers pre-SOX, and for large acquirers post-SOX. In the long-run, bidders with high pre-merger pay-for-performance experience 27.6% higher returns after controlling for other merger characteristic.
In the second essay we investigate the value of customer/supplier relationships in mergers acquisitions. The findings show that targets (suppliers) with strong customer/supplier relationships obtain higher abnormal returns and higher merger premiums compared to targets with weak customer/supplier relationships. However, targets that have a strong connection with a customer have lower odds of being acquired. Acquirers that purchase targets with strong customer/supplier relationships have negative long-run abnormal returns, suggesting that the acquirers may have overpaid for such targets. Implications of customer/supplier relationships on customers, rivals and competing rivals are presented.
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Tiwari, Rajesh Kumar. "A Theory of the Role of Medium of Exchange in Mergers and Acquisitions." Thesis, University of North Texas, 1994. https://digital.library.unt.edu/ark:/67531/metadc278630/.
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An acquisition bid is like any other proposal for risky investment. The difference arises due to additional source of risk arising from two different sources of information asymmetry due to private knowledge held by the bidder and target. We hypothesize that the bidding process evolves in a manner to optimize bidder's investment in the target through a process of joint signalling. Medium of exchange and bid premium are used as the two signal elements simultaneously by the bidder. We develop a multiple signalling model of the bidding process which is fully revealing in equilibrium.
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Pedain, Christoph. "Managing processes and information technology in mergers : the integration of finance processes and systems." Thesis, Cranfield University, 2003. http://dspace.lib.cranfield.ac.uk/handle/1826/100.
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Many companies use mergers to achieve their growth goals or target technology position. To realise synergies that justify the merger transaction, an integration of the merged companies is often necessary. Such integartion takes place across company business areas (such as finance or sales) and across the layers of management consideration, which are strategy, human resources, organisation, processes, and information technology. In merger integration techniques, there is a significant gap regarding the management of operational level issues. Yet, especially for the finance business area, an integration of processes and information technology is of high importance and often required swiftly after the merger. The author therefore presents an approach designed for managing the operational level merger in the finance business area. To close the gap in considering operational level issues, the author has developed a model for integraring finance processes and information technology of merging companies. For such model development, literature resources have been used along with merger experiences of the author, and interviews with merger experts. Validation of the developed model has been conducted by using in-depth case studies for showing the effects of applying the model. Further validation interviews have been conducted to support the generality of the approach. Accommodating the significant increase of task complexity during mergers compared to normal business operation, the presented approach focuses on managing interdependencies instead of project detail. Features of this approach comprise: An organisational proposal to settinmg up merger programme management; An interdependency model, vertically interconnecting the finance business area with strategic and organisational merger decisions, and horizontally interconnecting the finance business area with other business areas. It could be shown that the presented model improves merger integration quality by reducing complexity of merger management. The model is most applicable for larger companies, and can be used in any merger phase.
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Seterbakken, Ina. "What are the formal and informal factors critical in the post-merger integration, contributing to successful mergers?" reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17802.
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The thesis explores the factors to consider for a successful post-merger integration. The hy-pothesis states that there are several levels of formal and informal factors critical in the post-merger integration contributing to successful mergers. The main focus of companies has typi-cally been on addressing possible synergies and financial effects. However, while analyzing the outcome of merger and acquisitions it has been seen that 70 to 90 percent of mergers fail to meet the long term financial goals over time. This indicates that the assessment of possible partners for a merger may not be the most effective. This thesis argues that factors such as organizational and cultural compatibility need to play a stronger role when selecting a partner to merge or acquire.
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Höchstädter, Anna Katharina. "Managerielle Anreize bei Mergers & Acquisitions." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/04608212001/$FILE/04608212001.pdf.
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Banal, Estañol Albert. "Horizontal Mergers: Uncertainty and Internal Organisation." Doctoral thesis, Universitat Autònoma de Barcelona, 2003. http://hdl.handle.net/10803/4037.
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Aquesta tesi amplia l'anàlisi teòric de les fusions entre empreses del mateix sector, les anomenades fusions horitzontals. El primer objectiu és d'identificar causes que porten a l'enorme tendència de les indústires a consolidar-se. El segon és estudiar l'impacte de les fusions tan en el nivell de preus com en el benestar de la societat. Més precisament, s'analitzen els guanys en eficiència i si aquests poden compensar els efectes anticompetitius. Així, l'anàlisi és rellevant per millorar el disseny dels sistemes de control de fusions dels serveis de defensa de la competència. El primer capítol considera un mercat molt concentrat i estudia els efectes de les decisions en inversió i l'organització interna de les empreses fusionades en l'eficiència i l'estabilitat de les fusions. No s'assumeix que les fusions generaran automàticament guanys en eficència: tot i que poden generar enconomies d'escala, i per tant costs més baixos, les empreses necessiten invertir per aconseguir-ho. A més, aquesta inversió pot ser frustrada pel conflicte que hi pot haver entre les empreses fusionades. Es mostra que, fins i tot quan no hi ha conflicte, les empreses no sempre inverteixen per aconseguir guanys en eficiència tot i que per elles es beneficiós fusionar-se. Quan hi ha conflicte fins i tot hi poden haver-hi pèrdues en eficiència i per tant hi ha moltes fusions que no són beneficioses. Com a conseqüència, si els directors de les empreses subestimen la possibilitat de conflicte, consideraran que és positiu fusionar-se tot i que després es trobaran amb una empresa menys eficient i amb beneficis inferiors als que tenien per separat.
La resta de la tesi analitza les fusions en mercats caracterizats per la presència d'incertesa. Aquesta pot provenir dels costos de producció dels béns produïts per les empreses o bé de la demanda d'aquests béns per part dels consumidors. El segon capítol analitza un mercat a on, a més de la incertesa, hi ha informació incompleta. Un cop la incertesa es resol, les empreses observen les demandes o els costos propis però no observen els dels competidors. Una de les avantatges de les fusions en aquests mercats és que, quan les empreses s'ajunten, comparteixen informació. El capítol prova que, quan l'informació incompleta és important, les empreses tenen molt més incentius a fusionar-se i que fins i tot en mercats molt poc concentrats, les fusions són beneficioses. És precisament en aquestes situacions a on l'informació és més dispersa i a on el reagrupament d'informació pot ser més positiu. Les fusions no només són més beneficioses per les empreses sinó que són més positives per la societat i en alguns casos poden ser fins i tot desitjables.
En el tercer capítol s'analitzen les fusions entre empreses que no són neutrals davant del risc, com assumeix tota la literatura, sinó que en són adverses. Aquest estudi ve motivat per l'enorme preocupació empresarial pel risc. L'estudi es pot aplicar al mercat de tour operadors i en particular al intent de fusió entre Airtours i First Choice (bloquejat per la Comissió Europea). El model permet a les empreses d'escollir com es reparteixen les accions de la nova companyia. Això té efectes pel nivell de risk sharing i pel comportament estratègic de l'empresa. Quan la competència és en quantitats, el risk sharing fa l'empresa fusionada més agressiva i per tant les fusions més beneficioses. Les fusions poden fer que els tour operadors ofereixin més capacitat a més destinacions. Quan la competència és en preus, per contra, les fusions porten a preus més alts quan l'incertesa és en el nivell de la demanda però a preus més baixos quan l'incertesa és en els costos.
This thesis broadens the theoretical analysis of the mergers between competing firms, the so-called horizontal mergers. The first objective is to analyse the causes driving industry consolidation. The second is to study the impact of mergers on prices and social welfare. More precisely, we analyse the efficiency gains of mergers and whether they may outweight the anticompetitive effects. The analysis is relevant in order to improve the design of merger control systems used by competition authorities.
The first chapter considers a concentrated market and studies the effects of investment decisions and internal organisation on the efficiency and stability of mergers. Efficiency gains are not taken for granted. Investment is required in order to achieve scale economies and therefore lower costs. Moreover, conflict within merged firms may make investement more difficult. We show that, even when there is no conflict, firms do not always invest to reap efficiency gains even if mergers are profitable. In the presence of conflict, mergers may lead to efficiency losses and therefore mergers are less profitable. Consequently, if managers understimate the possible conflict and merge, the new company could be a less efficient and less profitable firm than the forming firms separetely.
The rest of the thesis analyses mergers in markets characterised by the presence of uncertainty. This may come from production costs or consumer demand. The second chapter analyses a market where information is incomplete. Once the uncertainty is realised, firms observe their own demands and costs but not those of their competitors. One of the advantages of mergers in those markets is that, when firms joint together, they share information. This chapter shows that, when the private information is important, firms have much more incentives to merge and mergers are profitable when the market is very unconcentrated. Precisely in these situations, where the information is more disperse, is when the information sharing is more positive. Mergers are not only more profitable for firms but also more positive for the society.
The third chapter analyses mergers of firms which are not risk neutral, as it is assumed in the literature, but risk averse. This study is motivated by the enormous industrial concern about risk. The study can be applied to the tour operator market and in particular to the merger between Airtours and First Choice (blocked by the European Comission). The model allows firms to choose how to distribute the shares of the new company. This has an effect on the level of risk sharing and on the strategic behaviour of the firm. When firms compete in quantities, risk sharing turns the merged firm more aggressive and therefore mergers are more profitable. Mergers between tour operators can lead to more capacity in more destinations. When firms compete in prices, mergers result in higher prices when there is demand uncertainty but lower prices when there is cost uncertainty.
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Aggoud, Rachida, and Eglantine Bourgeois. "The Mismanagement of Mergers and Acquisitions." Thesis, Linnéuniversitetet, Ekonomihögskolan, ELNU, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-19404.
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In today’s business world, it appears to be impossible for companies to survive without expanding through deals that result in mergers and acquisitions. Mergers and acquisitions represent a favourable medium of growth. However, studies indicate a high rate of failure in these operations. Evidently, there are areas that are mismanaged during the course of a merger or acquisition. If organizations make a decision to go through a merger or acquisition, it is vital that they devote significant attention and resources to understand and deal with opportunities and challenges presented during its processes. Through our research we have come to identify four important aspects as integral to a successful merger and acquisition. These components: culture, synergies, leadership and politics, each independently and together when mismanaged become the source of a merger or acquisition failing. If we are to envision the newly formed organization post a merger or acquisition as the structure, we see these four components as the pillars of this structure. The strength or weakness of these pillars will determine the future of the newly formed organization. At the other end of the spectrum, the very core aspects that result in success, we believe when mismanaged can spell catastrophe for the organization. However, lessons in mismanagement in these very four strategic areas can be the game changer that could possibly turn a merger and acquisition failure into success. It is only through an analytical study of the mismanagement pertinent in these four individual areas that we arrive at answers so that we may change this dominant trend of failure in mergers and acquisitions.
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Kuo, Kuo-Cheng. "Mergers and acquisitions between Taiwanese enterprises." Thesis, University of Edinburgh, 1999. http://hdl.handle.net/1842/28383.
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In recent years merger and acquisition (M&A) activities have increasingly claimed the attention of government officials, company management and the public in Taiwan. The primary purpose of this study is to examine merger motives and methods of payment and to compare the pre- and post-transaction performance of Taiwanese enterprises. The samples of mergers and acquisitions in Taiwan analysed in this study are relatively comprehensive and are the largest which have ever been collected for academic research. So the conclusions of this study have much greater validity than those found in previous work carried out on Taiwanese mergers. In brief, securing operational synergies is a very important merger motive for firms of all sizes. Large enterprises are motivated to take-over other firms by the desire to acquire market share while increasing corporate debt capacity or financing was more important for small acquiring enterprises than for large ones. Payment is made either by means of a cash offer or by an exchange of shares depending on tax and government regulations, the future prospects of the acquiring enterprise as perceived by the acquired enterprise's shareholders and the level of activity of the stock market. The results indicate that large and medium-sized acquiring enterprises achieve greater increases in their post-transaction operational and financial performance than do small and small-medium sized acquiring enterprises. The results of logit analysis indicate that profitability and changes in profitability are important variables for discriminating between acquired and non-acquired firms. The findings mean that firms with lower profitability have a significantly increased probability of being taken-over, but that smaller firms do not see a significant increase in the likelihood of being acquired. This implies that take-over discipline is strong for low profitability firms but is not strong for small firms. The take-over threat forces firms to improve their profitability rather than to increase their size. The empirical evidence as to the nature of the take-over mechanism of acquired firms supports the traditional theory of the firm.
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Kim, Dongnyoung. "Two Essays on Mergers and Acquisitions." Scholar Commons, 2013. http://scholarcommons.usf.edu/etd/4910.
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In the first essay, we examine the link between CEOs political ideology - conservatism - and their firms' investment decisions. We focus on the effect of CEO conservatism on M&A decisions. Our evidence indicates that politically conservative CEOs are less likely to engage in M&A activities. When they do undertake acquisitions, their firms are more likely to use cash as the method of payment, and the target firms are more likely to be public firms and to be from the same industry. Conditional on the merger, CEO conservatism appears to have a significantly positive impact on long-run firm valuation. However, we find no evidence that conservative CEOs create value in the short run. All our results hold after controlling for CEO overconfidence. In the second essay, we investigate the impact of difference in local political ideologies between acquirers and targets on the likelihood of deal completion and announcement returns over the period of 1981-2009. We posit that increase in political ideology distance between acquirer and target leads to greater risks/costs associated with the integration process. This increase in distance is less likely to allow for the completion of deals and elicit less favorable market response to merger announcements. We find that when political ideology distance between acquirer and target in a merger are minimal, deals are more likely to be completed. We also find that acquirer which are politically proximate to their targets earn significantly higher returns than distant acquirers. After controlling for the geographic effect and other determinants of announcement returns, the political ideology effect still exists. Overall, the evidence suggests that corporate political ideology plays an important role in completing deals and determining announcement returns.
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Morgan, Eleanor J. "Mergers, investment decisions and government policy." Thesis, University of Bath, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.405148.
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Katz, Maximilian Peter. "White Dwarf Mergers on Adaptive Meshes." Thesis, State University of New York at Stony Brook, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10183090.
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The mergers of binary white dwarf systems are potential progenitors of astrophysical explosions such as Type Ia supernovae. These white dwarfs can merge either by orbital decay through the emission of gravitational waves or by direct collisions as a result of orbital perturbations. The coalescence of the stars may ignite nuclear fusion, resulting in the destruction of both stars through a thermonuclear runaway and ensuing detonation. The goal of this dissertation is to simulate binary white dwarf systems using the techniques of computational fluid dynamics and therefore to understand what numerical techniques are necessary to obtain accurate dynamical evolution of the system, as well as to learn what conditions are necessary to enable a realistic detonation. For this purpose I have used software that solves the relevant fluid equations, the Poisson equation for self-gravity, and the systems governing nuclear reactions between atomic species. These equations are modeled on a computational domain that uses the technique of adaptive mesh refinement to have the highest spatial resolution in the areas of the domain that are most sensitive to the need for accurate numerical evolution. I have identified that the most important obstacles to accurate evolution are the numerical violation of conservation of energy and angular momentum in the system, and the development of numerically seeded thermonuclear detonations that do not bear resemblance to physically correct detonations. I then developed methods for ameliorating these problems, and determined what metrics can be used for judging whether a given white dwarf merger simulation is trustworthy. This involved the development of a number of algorithmic improvements to the simulation software, which I describe. Finally, I performed high-resolution simulations of typical cases of white dwarf mergers and head-on collisions to demonstrate the impacts of these choices. The results of these simulations and the corresponding implications for white dwarf mergers as astrophysical explosion progenitors are discussed.
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Abramova, Inna Ph D. Massachusetts Institute of Technology. "Labor supply and accounting firm mergers." Thesis, Massachusetts Institute of Technology, 2020. https://hdl.handle.net/1721.1/126982.
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Thesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, 2020Cataloged from the official PDF of thesis.
Includes bibliographical references (pages 36-39).
In this paper, I study how regulation-induced accounting labor supply shocks affect the audit market. Using a novel dataset that includes both large and small accounting firms, I identify labor supply shocks using the 150-Hour Rule and the Mobility Provision and investigate the resulting incidence of mergers and acquisitions (M&A). I find that a reduction in labor supply increases accounting firms' M&A activity and leads to a higher audit market concentration. My results suggest that accounting firm growth decisions and audit market structure depend on the supply of labor.
by Inna Abramova.
Ph. D.
Ph.D. Massachusetts Institute of Technology, Sloan School of Management
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Li, Wei-Hsien. "Two Essays on Mergers and Acquisitions." Diss., Virginia Tech, 2012. http://hdl.handle.net/10919/37545.
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This dissertation consists of two chapters. The first chapter examines the valuation effect of the Q-hypothesis of mergers and acquisitions. The Q-hypothesis of mergers and acquisitions proposes that takeovers of low-Q targets by high-Q acquirers should be value creating as acquirers redeploy the targetsâ assets. I revisit the valuation effects of mergers and acquisitions by considering the potential costs of asset reallocation, impact from misvaluation, and the size of the reallocated assets. By examining the combined announcement returns and changes in operating performance, I find evidence consistent with both the benefits and costs of asset reallocation in the full sample of M&As from 1989 to 2010. Controlling for impact for market misvaluation in the proxy of Q, I find that the relation between value creation and the Q-difference is an inverse U-shape. This is direct evidence in support of the Q-hypothesis of M&As using firm-level data from after 1990. The results are not driven by the acquirerâ s corporate governance structure and the difference in industry.
The second chapter investigates investigate the effect of CEO overconfidence on learning from the market in completing the announced mergers and acquisitions (M&As). Overconfident CEOs overestimate their ability to create value and believe that the market incorrectly values the firm. Therefore, they will be less likely to revise their M&A announcement according to unfavorable market reaction. I construct a proxy for CEO overconfidence based on the CEOâ s decisions on exercising options similar to Malmendier and Tate (2005, 2008). Controlling for the corporate governance structure of the firm, I find that an overconfident CEO is more likely to complete a bid despite unfavorable market feedback. I do not find my results are driven by alternative interpretations including managerial quality and private information.Ph. D.
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Gao, Ya. "Two Essays on Mergers and Acquisitions." University of Cincinnati / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1505209910494279.
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Li, Dongxu. "Do Horizontal Mergers Affect Rivals’ Investments?" The Ohio State University, 2020. http://rave.ohiolink.edu/etdc/view?acc_num=osu1594803937455669.
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Bradulina, Elizaveta. "Operating performance following mergers and acquisitions /." View abstract or full-text, 2009. http://library.ust.hk/cgi/db/thesis.pl?FINA%202009%20BRADUL.
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